Shares of Lyft (LYFT) surged as much as 13.6% on Friday, the inaugural day of trading for the ride-sharing company on public markets.
But on Monday, as United States markets rose, Lyft's shares dropped close to 12%, ending the day at $69.03.
Lyft's eponymous app allows people to book taxi rides using global positioning technology on their smartphones.
Tradeweb Markets has been around for two decades already and during that time the company has been operating with online market places for various audiences, offering over 40 products with reporting 549 billion dollars of trading volume for their products during 2018.
"I was surprised that it blew through the IPO price so quickly", he said.
The tech-heavy Cheddar 50 Index, which measures the performance of Cheddar's 50 top companies ー from Apple ($AAPL) to GM ($GM) ー closed up 2.1 percent on Monday, boosted by top performers Roku ($ROKU) and Eventbrite ($EB).
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Lyft hit a nasty pothole in its first full day as a public company.
After Lyft didn't finish at the highs of the session on its first day of trading (usually not a healthy near-term signal to traders), it appears Wall Street has spent the weekend digging under the hood again.
The company priced 32.5 million shares of Class-A common stock at $72 per share Thursday, which valued the company around $24 billion.
Ride hailing companies like Lyft have become more prominent throughout the last few years.
The company has lost money, increasing doubts.
Lyft has been closely watched as a bellwether for larger rival Uber Technologies Inc, which sources say is planning to kick off its IPO in April. While they are fast growing, stock market investors have recently shown little patience for hot tech companies that do not have a clear path to profitability. On a price-to-sales basis, Lyft's market capitalization far exceeds that of other internet companies, wrote Mandeep Singh, an analyst for Bloomberg Intelligence.